Calculate how much higher U.S. labor productivity will be in the year 2030 (relative to 2010) if:
Question:
a. Productivity continues to grow by 3.1 percent per year.
b. Productivity growth falls to 1.4 percent per year, its average rate during the period 1973-1995.
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Let y t stand for labor productivity in year t If labor productivity grows at the rate g ...View the full answer
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